Property prices in Greece have risen in recent years, but are still relatively cheap compared to the rest of Western Europe. Greece's islands are divided into six groups, which include the Cyclades, the Dodecanese, the islands of the north-eastern Aegean, the Sporades, the loanian and the Saronic Gulf islands. The two largest islands, Crete and Evia, stand alone and do not belong to any of the groups.

Rhodes
The largest of the Dodecanese islands, and a destination that is already a firm favourite with tourists, is Rhodes. The island appeals to those who enjoy the Mediterranean lifestyle. Rhodes is full of culture, great food, history and magnificent views. The island also benefits from 300 days of sunshine every year, a very low crime rate and strict laws stopping overdevelopment. Rhodes has a significant proportion of foreign permanent residents, most of whom live on the northern half of the island. Village locations on the north-west coast are most popular. When considering buying on the island there are some locations that are more affordable than others. The historical town of Lindos, and Tsambika, with its sandy beaches, are two of the spots where property prices are high. Prices for off-plan developments start at around 280,000 euros (approximately £191,289) for a two-bedroom villa with a swimming pool.

Crete
Another place that has been popular with Brits for some time is the picturesque island of Crete. Located to the south-east of mainland Greece, Crete is the largest of the country's islands. Since the 1970s Crete's economy has boomed thanks to a successful agriculture, packing and service industry.

Most Brits choose to buy property in the coastal areas, not too far from quality infrastructure and within an hour's drive of an airport. Chania and Heraklion have the island's main airports, with one in Sitia in the north-east under expansion. The north-west of Crete in the Chania and Rethymnon areas, and the coastal areas to the south-west and the north-east of the Lassithi prefecture, are most people's first choice. In general, property on the island is more expensive than in  other parts of Greece, but there's an abundance of cheaper, rural properties available, although many require total restoration. One place with plenty of this tyoe of property is the charming village of Krista, the largest in Crete and very popular due to its many shops, tavernas and good bus service. The average price for a two-  bedroom apartment in Crete is  110,256 euros (approximately £75,328). A well designed three-bedroom property with seas views in Heraklion is likely to cost you between 351,000 and 400,000 euros (approximately £239,927 to £273,458). Crete is made up of many small resorts that have grown  and expanded because of tourism. Villages are usually a ten-minute drive from the coast and are less expensive.
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Corfu
Corfu is one of the Ionian Islands which nestles off the west side of the mainland of Greece. The island has a rich and unique history. Covered with over three million evergreen olive trees, watered by winter rains, Corfu, even during the hot dry summers, remains one of the greenest of all the Mediterranean islands. Corfu has acquired a reputation for mass market tourism which means that a property has year-round rental possibilities. There is a wide variety of property to choose from, from old village houses to modern apartments and coastal villas. The north-east coast between Nissaki and Ayios Stefanos Sinion is the most expensive part of the island. Prices are cheaper around busy holiday resorts.

The rest of Greece
Other islands in Greece are also attractive to foreign property buyers. Some of the smaller lonian islands like Zante or Lefkas, with emerald waters and good access, are certainly popular with foreign property hunters. For those second-home owners after something a little more traditional the relatively undiscovered Aegean islands, such as Tinos or Samos, are gradually becoming popular with Brits who don't require cutting edge infrastructure. A traditional renovated house on Tinos set on two levels with sea views will cost in the region of 272,500 euros (approximately £186,209). Samos, with its beautiful beaches and atmospheric villages, is among the most visited islands, and easily accessible due to the recently expanded airport and a good ferry service.

On the mainland of Greece, the favourite area for property purchase with British second-homers is the Peloponnese. The region is warm in winter, and not too hot in the  summer. The beaches are clean, and the mountain landscape of the Messinian Mani is spectacular. A new three-bedroom villa with a pool and sea views located in the busy town of Porto Heli in the eastern Peloponnese would cost you in the region of 647,000 euros (approximately £442,212). However, much of the peninsula is undiscovered and in the mountains old stone ruins still cost as little as £30,000.

For further information:
Crete Homes  

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Search for property in Greece

Article published in August 2006